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Burnaby , B.C. INTERFOR Building ValueTM Interfor Corporation Interfor Reports Q4'20 Results EBITDA¹ of $ 249 million on Sales of $ 662 million February 4 , 2021 Net Cash Position and Available Liquidity of $ 788 million INTERFOR CORPORATION ( " Interfor " or the " Company " ) ( TSX : IFP ) recorded Net earnings in Q4'20 of $ 149.1 million , or $ 2.24 per share , compared to $ 121.6 million , or $ 1.81 per share in Q3'20 and Net loss of $ 41.7 million , or $ 0.62 per share in Q4'19 . Adjusted net earnings in Q4'20 was $ 164.7 million compared to $ 140.0 million in Q3'20 and Adjusted net loss of $ 17.4 million in Q4'19 . Adjusted EBITDA was a record $ 248.6 million on sales of $ 662.3 million in Q4'20 versus $ 221.7 million on sales of $ 644.9 million in Q3'20 . Interfor recorded Net earnings of $ 280.3 million , or $ 4.18 per share , in 2020 , compared to Net loss of $ 103.8 million , or $ 1.54 per share in 2019. Adjusted EBITDA was $ 549.7 million on sales of $ 2.2 billion . Notable items in the quarter : • Strong Free Cash Flow Generation • • • Interfor generated $ 205.0 million of cash flow from operations before changes in working capital , or $ 3.07 per share , and an additional $ 24.9 million of cash from reduced working capital . Capital spending was $ 36.0 million , including $ 21.7 million on high - return discretionary projects primarily in the U.S. South . US $ 96.1 million has been spent on the Company's Phase II strategic capital plan through December 31 , 2020 . Net debt ended the quarter at $ ( 75.4 ) million , or ( 7.5 ) % of invested capital , resulting in available liquidity of $ 787.5 million . Seasonally Robust Lumber Market • Interfor's average selling price was $ 842 per mfbm , down $ 68 per mfbm versus record levels in Q3'20 . Movements in key benchmark prices were mixed compared to Q3'20 as the SYP Composite and Western SPF Composite benchmarks decreased by US $ 145 and US $ 59 to US $ 603 and US $ 652 per mfbm , respectively , while the KD H - F Stud 2x4 9 ' benchmark increased by US $ 43 to US $ 807 per mfbm . Production Increased to Meet Demand • • Total lumber production in Q4'20 was 687 million board feet , representing an increase of 45 million board feet quarter - over - quarter . The U.S. South and U.S. Northwest regions accounted for 361 million board feet and 136 million board feet , respectively , compared to 331 million board feet and 118 million board feet in Q3'20 . Production in the B.C. region decreased to 190 million board feet from 193 million board feet in the preceding quarter . Total lumber shipments were 683 million board feet , including agency and wholesale volumes , or 65 million board feet higher than Q3'20 . 1 Refer to Adjusted EBITDA in the Non - GAAP Measures section